Boston-based technology company Pillo Health has nabbed $11 million in Series A funding, according to a news release.
Stanley Black & Decker’s corporate venture capital arm led the round, and Samsung Ventures participated. Existing investors, including BioAdvance, Civilization Ventures, Hackensack Meridien Health System’s Innovation Center Fund and Hikma Ventures (the corporate ventures capital arm of Hikma Pharmaceuticals) took part in the round as well.
Pillo Health is focused on helping patients manage their health at home and letting organizations bring digital solutions to the home.
The company offers an Amazon Alexa-like robot that is placed in a patient’s home. It can answer questions and learn from patients to generate real-time health data. In addition to connecting patients with their doctors, the HIPAA-compliant, voice-first platform can dispense patients’ medications and digitally coordinate prescription refills.
The Pillo platform gives providers and payers the opportunity to gain insight into a patient’s health status. It also enables home health agencies and care teams to offer better care in the patient’s home. Other goals of the offering include improving medication adherence and reducing medication-related complications.
With the $11 million in funding, the Boston startup intends to keep developing its platform and create additional voice-first experiences for organizations that want to bring digital solutions to patients. Plus, Pillo is hiring employees to work in its offices in Boston and Genoa, Italy.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“We look forward to the continued evolution of the Pillo Health platform as we work with organizations addressing the management of chronic conditions for patients at home,” said Pillo Health co-founder and CEO Emanuele Musini in a statement. “Stanley Black & Decker and Samsung have made a strong commitment to the health and wellness of millions of Americans looking to remain independent longer, with a focus on tailoring voice-first technologies for their customers and revolutionizing the way healthcare is delivered into the home.”
In addition to the funding news, the Boston company said it is working with Stanley Black & Decker to launch Pria by BLACK+DECKER, a tool powered by the Pillo Health platform. Stanley Black & Decker debuted the offering at CES in Las Vegas earlier this year. This summer, it will be available for consumer purchase online.
Correction: This article previously incorrectly said Civilian Ventures participated in the round. The correct name of the investor is Civilization Ventures.
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